The world's third-largest liquefied natural gas (LNG) importer had previously forecast natural gas demand falling to 34.65 million tonnes of LNG equivalent in 2029 from 36.49 million tonnes in 2014 due to lower power generation demand.

South Korea's trade ministry said in February it would suspend five coal-fired power plants, with a combined capacity of 2.32 gigawatts (GW), from March to June, part of a broad campaign to reduce pollution.

Reuters reported on Tuesday that the state-run Korean firm known as KOGAS and NWS were in arbitration over the pricing of a mid-term supply contract, after a KOGAS spokesman had confirmed arbitration without further comment.